Mo’ Money, Mo’ Stress When Asking for a Raise

Asking for a raise has never been easy, but in a down economy when company balance sheets aren’t always balancing and job stability wavers, it’s even more difficult. However, sometimes a raise is justified, especially for finance workers who have taken a world of responsibility on their shoulders as they absorb work from laid-off colleagues. When it comes to asking for the raise you deserve, it’s all about the approach.

First, it’s important to recognize how important a raise is to you. Since companies are doling out fewer and fewer raises, salary boosts are most likely to go to the top performers who the business can’t afford to lose. If you don’t make the cut, you don’t have to take it personally, but you should know your value and be willing to do a little positive self-marketing.

Conduct some research on how much people in similar positions with similar experience and responsibilities earn. Talk to peers to get a feel for average pay and compare that data with online research. When calculating your value, don’t neglect to consider the size and geographic location of your company.

Take your performance into account. List your accomplishments, outline what you have contributed, and consider your competition. Do you really deserve the raise this year, or is a colleague more likely to win this round? If you know your performance hasn’t been outstanding, it’s not wise to ask for a raise now. Also evaluate the performance of your department; sometimes a poorly performing department overall can eclipse the value of a single stellar worker.

Timing is also paramount. Document everything, and go into your performance review prepared with an outline of your accomplishments, improvements you made to the business, and results of your work. Explain ways you have saved the company money, detail how you’ve helped bolster client relationships or landed new accounts, and collect anything that illustrates why you’re a top employee.

Regardless of the state of the economy, never be antagonistic, defensive, or confrontational when asking for a raise. And keep personal needs such as car payments and student loans out of it. If you don’t get the raise this year, let it go and keep working hard. When the economy comes back, you’ll already be better positioned for a raise.